Hackney-based recruitment company to create 40 jobs following acquisition
Investment firm Literacy Capital has acquired a significant minority stake in recruitment consultancy Dartmouth Partners Ltd.
The deal, completed with £4.2m backing from entrepreneur bank OakNorth, will support Hackney-based Dartmouth’s goal of increasing its headcount from 60 to 100 by 2020.
With Literacy Capital’s support, the firm will also look to expand in Europe and further afield. Dartmouth already has a second office in Frankfurt.
The company was founded 2012 by Logan Naidu. Today, its client base includes financial services giants UBS, Credit Suisse, Deutsche Bank and Bank of America, as well as football clubs Manchester United and Liverpool.
As part of the transaction with Literacy Capital, Dartmouth has appointed Jess Watts (former chief exec of recruiter R4S) as non-executive chairman and Neil Cartwright (former CFO of online estate agent PurpleBricks) as CFO. Logan Naidu will retain his post of CEO and Gavin Sharpe will continue as the company’s non-executive director.
Logan Naidu said: “I am incredibly proud and humbled by the tremendous growth that we have experienced since our founding six years ago.
“We have a fantastic team and a client base which includes some of the world’s most well-known institutions and brands. We have been fortunate to work with some of the best candidates in the market and in Literacy Capital, have found a partner who shares our ambition and passion.”
He continued: “The team at OakNorth completed the transaction in just two weeks which is quite frankly not a time frame we’re used to getting from banks.
“Their speed and efficiency meant we were able to take advantage of this exciting opportunity and focus on continuing to grow our business with the help of Literacy Capital.”
Deepesh Thakrar, senior debt finance director for OakNorth, commented: “Despite the Brexit vote, the recruitment sector is one that has seen continued growth in the last few years, with Companies House recording almost 6,000 new recruitment agency registrations in the last year alone.
“Whilst it’s clearly an incredibly competitive sector, Logan and his team have been able to carve themselves a niche and establish themselves as a leading player in both the financial and legal sectors.”
He added: “Dartmouth’s unique approach of placing candidates from top-tier universities into intern and graduate roles, all the way up to executive management positions, has earned them trust and respect in the industry, as well as catching the eye of renowned investors such as Literacy Capital. We’re very excited to have been part of this transaction and look forward to working with both businesses in the future.”